Osisko Metals Provides Exploration Update for New Brunswick
TSX VENTURE: OM
MONTREAL, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: OB51) is pleased to provide an update for its wholly owned assets in Bathurst, New Brunswick.
- Drilling to begin on a 5000-metre program in September
- Priority exploration targets at Key Anacon followed by the prolific Brunswick Belt
- Ten (10) targets in the pipeline with new emerging targets being developed
- Follow-up drilling planned in winter 2020
Jeff Hussey, P. Geo., Osisko Metals President and CEO, commented: “As we focus on advancing Pine Point, we are also excited about the upcoming brownfield exploration drilling program in New Brunswick. We strongly believe that new discoveries will be made from generating drill targets based on our comprehensive understanding of the prolific Brunswick Belt.”
Priority Exploration Targets in the Eastern Bathurst Camp:
- Key Anacon Resource Expansion: The primary untested target is near-surface and comprised of a 600-metre long ground electromagnetic conductor located 500 metres above the Copper Zone. The latter was outlined by historical drilling and is interpreted to be a feeder system to Key Anacon’s Main and Titan Zone lead-zinc-copper rich deposits (containing: Indicated Mineral Resources of 1.96 Mt @ 5.77% zinc, 2.38% lead, 0.22% copper and 69g/t silver, 9.00 ZnEq and Inferred Mineral Resources of 1.59 Mt @4.78% zinc, 1.76% lead, 0.50% copper and 52.61g/t silver, 7.79 ZnEq (see Technical Report dated February 20, 2019 on SEDAR). The Copper Zone is roughly 1 kilometre long and located 100m northeast of the Titan deposit.
- Brunswick Belt: Compilation and surface sampling programs are ongoing to refine a promising geophysical drill target at the Brunswick Horizon roughly 2 kilometres southeast of the Brunswick No.6 Mine (Past production: 12.2 Mt @ 5.43% zinc, 2.15% lead, 0.40% copper and 67g/t silver – source: Government of New Brunswick). The target is present in newly reprocessed Titan 24 data from which coincident Induced Potential (“IP”) and Magneto-telluric anomalies were generated. Additional targets in this data set are being refined along this area of Brunswick Belt.
- Gilmour Extension: A new trend is emerging that potentially extends mineralization related to the Gilmour South Deposit (Inferred Mineral Resource 2.26Mt @ 5.74% zinc, 1.30% lead, 0.19% copper and 44.30g/t silver - see Technical Report dated February 20, 2019 on SEDAR). The new trend is characterized by anomalous soil geochemistry (zinc 100 – 475 ppm, lead 50-80ppm, and copper 45-75 ppm) and is coincident with magnetic, ground gravity and electromagnetic anomalies. This trend is present up to 1.5 km north of the deposit where information from the soil data ends without closing off the anomalies and where geophysical anomalies continue. The new interpretation suggests that an extension and/or thrust repetition of the Brunswick Horizon continues northward and has not been tested by drilling. Additional soil sampling is in progress to refine drill targets.
- Project Pipeline: Other target areas in the eastern Bathurst Camp are in the final validation stage leading to a drill decision and prioritization. The basis of the validation is the presence of the Brunswick Horizon. Targets are further supported by sulphide mineralization as well as magnetic, electromagnetic, induced polarization (IP), gravity and surface geochemistry responses. Newly-developed structural and stratigraphic interpretations are key to developing these new targets.
The scientific and technical information contained in this press release has been reviewed and approved by Robin Adair, P.Geo. VP Exploration of Osisko Metals, a "Qualified Person" within the meaning of National Instrument 43-101 – Standards for Disclosure of Mineral Projects and is registered as a Professional Geoscientist in New Brunswick, Quebec and the Northwest Territories.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the base metal space with a focus on zinc mineral assets. The Company controls Canada’s two premier zinc mining camps. The Company’s flagship properties are : 1) the Pine Point Mining Camp (“PPMC”), located in the Northwest Territories, has an Inferred Mineral Resource of 38.4 Mt grading 4.58% zinc and 1.85% lead (6.58% ZnEq), making it the largest high grade, pit constrained zinc deposit in Canada (please refer to the Amended Technical Report filed on SEDAR for further information); 2) The Bathurst Mining Camp (“BMC”), located in northern New Brunswick, has Indicated Mineral Resources of 1.96 Mt grading 5.77% zinc, 2.38% lead, 0.22% copper and 68.9g/t silver (9.00% ZnEq) and Inferred Mineral Resources of 3.85 Mt grading 5.34% zinc, 1.49% lead, 0.32% copper and 47.7 g/t silver (7.96% ZnEq) in the Key Ancon and Gilmour South deposits. In 2019, the Company will continue to diligently develop and explore in order to confirm and grow both projects. In Québec, the Company owns 42,000 hectares that cover zinc targets that will be selectively advanced through exploration. The Inferred Mineral Resources mentioned in this press release conform to National Instrument 43-101 standards. These mineral resources were reported by the Company on December 6, 2018 and January 20, 2019 and were prepared by independent qualified persons, as defined by NI43 101 guidelines. The above-mentioned mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological, grade and/or quality continuity. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges (see respective technical reports for details).
|For further information on Osisko Metals, visit www.osiskometals.com or contact:|
President & CEO
Osisko Metals Incorporated
Director, Investor Relations
Osisko Metals Incorporated
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the use of proceeds of the Offering; the timing and ability of the Corporation, if at all, to obtain final approval of the Offering from the TSX Venture Exchange; an exemption being available under MI 61-101 and Policy 5.9 of the TSX Venture Exchange from the minority shareholder approval and valuation requirements for each related party transaction; objectives, goals or future plans; statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
In context of current mineral resources reported by the Company, mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological, grade and/or quality continuity.
Reference to historical production in this press release does not imply that any future mineral resources or discoveries will be of economic viability, nor does it imply that additional discoveries will be made.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.